Cable Force Shoe Industry "Lost Contact" Survey: 360 Million Debt Owed Seven Bank Debt Collection

Quanzhou, Germany listed in Fujian footwear industry Ultrasonic has experienced more than ten days of roller coaster ride.

In September 16th, cable international official website claimed that CEO Wu Qingyong "lost contact", long maintained at 4-5 euros in the stock price that day, 79%, only one euro left.

By September 21st, when a number of financial media at home and abroad reported "cable high level running", he suddenly appeared in the public view with the form of Internet media video interview. And the rumors of "run away" have been heard. The creditors and suppliers came to the scene, and the Xiamen Company went public within two days. The Jinjiang Public Security Bureau also intervened in the investigation.

In particular, at the end of August, seven Hongkong and Taiwan banks such as Cathay Pacific and so on, which were granted loans to by Nomura Securities, may give judgement on default and recover loans in the near future, all of which made Wu Qingyong, who had just returned to China, run out.

So far, the outside world still does not believe Wu Qingyong's two self clarification of "no road, no money". In Quanzhou, where the stock pressure is still huge, and the whole industry's capital chain is tight, the wind and grass are enough to stir all sensitive nerves.

Wu Qingyong and his son placed their greatest hope on the news conference of the Jinjiang municipal government on September 30th about "cable force incident".

　　 "All banks are here."

In the afternoon of September 25th in Xiamen, the sky was thick and cloudy, and it kept raining.

On the east coast of the beautiful island of Xiamen, Whitewater to the fine beach is one of Xiamen's riches and upstarts. Less than 100 meters away from the coastline, is the city's most high-end CBD Guanyin Mountain business operation center.

The Xiamen Quanzhou chamber of Commerce in building 9 is particularly busy in recent days. This is the main battlefield for dealing with the storm of cable force. On that day, more than 10 guests from seven banks in Hongkong and Taiwan were sent to Xiamen from 60 million provinces and cities. They waited until noon in the middle of the night and did not eat lunch, and a staff member of the chamber of Commerce sighed.

They are waiting for Wu Qingyong. After spending the afternoon with them, he was Chen Weicai's lawyer and lawyer. Su Fulun, who is still in Jinjiang, and President of Quanzhou chamber of Commerce, explained that Wu Qingyong was interviewed by relevant departments of Jinjiang municipal government.

The customers of Hong Kong and Taiwan entered the Guanyin Mountain Park, and saw a large number of famous sports shoes and clothing brands such as Anta, XTEP, PEAK and so on. The headquarters moved south to Xiamen. This is the usual practice of large and small private enterprises in Quanzhou in recent years. The Xiamen Company of Suo Li is here, but unlike the well-known large enterprises, the office of Suo Li is rented. Unfortunately, there is no room for them now. They can not meet their debtor and soo great shareholder Wu Qing Yong there.

According to previous media reports, the seven banks, Cathay Pacific Shihua is the main bank of the loan, Nomura Securities is responsible for coordinating the loan project. Taiwan Changhua bank, Taiwan SME bank Hongkong branch and cooperative Treasury bank are the lead banks. Wan Tai bank and Huatai bank also joined.

The average age of the loan is 2.36 years, and the bank is invited to join the loan at three levels, with 200 basis points of the front end fee. At a meeting in the evening, a representative of a bank said that Suo Li actually received about 360 million yuan of funds.

Cathay Pacific Bank held a conference call with other six banks on the morning of 18, and the seven banks reached an agreement at the meeting. They were reported to Fujian Quanzhou and Hongkong police by Guotai Shihua on the loss of cable shoes executives.

On the 25 day, "all banks have arrived," a man who called himself the representative of Cathay Pacific China said to the times weekly reporter. Wu Mingjun, who was there, did not deny this. The meeting ended in the afternoon from four p.m. to half past eight p.m., and the times weekly reporter was in the Xiamen Quanzhou chamber of Commerce.

At seven, Wu Qingyong finally showed up with his two son, Wu Mingjun. He explained to the representatives of the banks that Wu Minghong, the eldest son of COO and board member, still recuperate in Hongkong.

The bank delegation, together with nearly 20 people from Wu's son and lawyer, surrounded the huge oval table of the Quanzhou chamber of Commerce in Xiamen. All the bank representatives Qi Qi stared at the three people of Suo Li Fang. Simple greetings did not cover up the excitement and tension on the scene. The representatives of the banks questioned the partners who had good relations with each other in a consistent, courteous, courteous, yet harsh tone. But the content of various questions was actually only one: 360 million, where did it go?

Wu and his son explained that a large proportion of them paid their partners. Under the questioning, Wu Mingjun announced the name of Xin Sheng (sound) Company and revealed that the government sent people to the company and checked the accounts for seven hours.

For the remaining 160 million, the bank representative put forward a "deposit certificate". Wu and his son had to bring a message to the representatives of the frying pan: the Xiamen Company's finance left part of the account book, moved the computer, and even took the official seal - and the financial loss so far. For the requirement of "certificate of deposit", they replied with the time required to report the loss of the official seal, and said that there was money on the account, but the situation was unknown due to the financial loss.

Bank representatives are obviously not satisfied with this statement. Wu's father and son have repeatedly said that the Jinjiang municipal government and the Jinjiang Public Security Bureau are investigating and will hold a press conference next week. "Our passports have been taken away." Wu Mingjun said. Wu's lawyer, Chen Weicai, later denied the consultations of the bank and Wu's father and son who had heard the news of the times.

Wu Qingyong is exempt from the "procedure".

In September 16th, the cable industry listed in Frankfurt, Germany, issued a statement on the company's international official website that it had been unable to reach two executives, Wu Qingyong and COO, the chief executive officer (CEO) since the beginning of the last weekend, which is also a major shareholder of the company. According to the statement, the accounting department found that most of the cash in the mainland and Hongkong had been transferred beyond the scope of the company's influence.

In September 18th, cable international official website again announced the announcement, the content is composed of three members of the board of supervisors, decided to remove the two executives. The statement also said that "bankruptcy proceedings are imminent."

Although cable international official website issued a notice in September 22nd that Wu Qingyong had contacted the company, he used the term "former CEO" and said "Wu will return the funds to the company". Wu Qingyong denied the media that the board of supervisors had the right to remove him from office.

A member of the Xiamen Quanzhou chamber of Commerce, who did not want to be named, told the times weekly reporter that Wu Qingyong did not want to know the fact that "financial personnel could not get in touch". In fact, Wu and his son had long wanted to rectify the Xiamen Company, but before they started, they were "lost".

At home and abroad, all the financial media have reported a round of "running road" as the title. In September 20th, Wu Qingyong appeared in Xiamen. In September 21st, Wu Qingyong and his second son Wu Mingjun received interviews with Quanzhou media video. In this clip video, Wu Qingyong attributed his "lost contact" to "a tragedy caused by a lost cell phone". According to Wu Qingyong, the eldest son Wu Minghong and grandson went out with him to travel and see a doctor in Hongkong and Philippines.

The question is whether the board of supervisors will remove the CEO position as a major shareholder by itself. Is it compliance?

"The board of supervisors decided to exempt. CEO And COO's position is in line with the German company law, and Ruan Yu, vice president of the German Stock Exchange's listing department, is confirmed by the times weekly reporter. Ruan is also a Deutsche bourse who handles the affairs of the company.

As for whether the board of supervisors has the right to decide the company to enter bankruptcy proceedings, Ruan said that according to the German law, the board of supervisors is the holder of the company, and the board is only the employee of the company. That is to say, the board members of the board of supervisors, entitled "Jianhui Wang" (voice: Wang Jianhui), have the right to work with the other two members of the board of supervisors to remove the duties of Wu Qingyong, the board member, who holds 52% of the shares. More importantly, if the board of supervisors makes the corresponding decision, the company will be in bankruptcy proceedings.

Miss song, representative of Beijing Representative Office of Deutsche bourse, told times weekly that Chinese Listed Companies in Germany are usually listed in Germany by shell companies in Germany, so they must be listed in Germany, so they must comply with German law.

At present, there are 25 Chinese enterprises listed in Frankfurt successfully. They are called Chinese concept enterprises, most of them are Fujian enterprises, and Quanzhou accounts for 7. In 2011, it was listed as the ninth company in China and third listed companies in Germany in Quanzhou.

Statistics show that the cable group owns Sheng Hui (Fujian) shoes material Co., Ltd., Fujian Suo Li shoes industry Co., Ltd. and Suo Li (Xiamen) Industrial Co., Ltd.

Over the past 5 years, the annual growth of cable shoe business has been above 25%. In fiscal year 2013, the company recorded a total sales of 163 million 800 thousand euros (about 1 billion 303 million yuan), with a net profit of 35 million euros (about 278 million yuan) and a net profit margin of 21.4%.

The 2014 semi annual report showed that its sales revenue increased by 1.4% to 74 million 800 thousand euros in the first half of this year, the pre tax profit rate was 26.9%, and the operating cash flow was 22 million 900 thousand euros.

Such a company, which is quite beautiful in its annual report and semi annual report this year, is quite fragile under the rumors of big shareholders' running away.

Xiamen Quanzhou chamber of Commerce said that compared with the previous banks unwilling to give loans, the biggest trouble of cable force comes from the 7 banks' recovery of the $60 million loan.

Su Fulun confirmed to the times weekly reporter that "there are difficulties in the financial aspects of the cable company. Before it was said to be tens of millions of yuan (RMB) gap, we have stepped in to help."

Quanzhou will not be Wenzhou.

Su Fulun said that the concept of Quanzhou chamber of Commerce in Xiamen is a consistent "Tuen development" among enterprises in Quanzhou. Specifically, this is the support for cable force. First, the other member enterprises of the chamber of commerce should be coordinated to provide funds for the cable industry in the form of guarantees. Two, it is necessary to contact the securities companies and strive to enhance the stock price of cable. Three, it is to clarify outward, eliminate the impact of the storm, and restore the reputation of cable.

According to the understanding of sufrun, the Jinjiang municipal government also attaches great importance to the issue of cable force. Besides the investigation, it is possible that the bank will provide financial support to cable force.

"It is two different things for enterprises that have difficulties in financing to go, having difficulties and going bankrupt". Su Fulun emphasized this sentence several times. Finally, he said: if it weren't for this rumor, it would not necessarily be very difficult. Su said that the high debt ratio operation is normal, and the problem of enterprise capital chain comes mostly from bank loans.

Su Fulun said, like many shoe and clothing enterprises, cable has invested large sums of money in the expansion of stores, but with the impact of the electricity supplier and the decline of the overall economic situation this year, the capital chain has begun to tighten.

Lu Yida, Secretary General of the Quanzhou chamber of Commerce in Xiamen, pointed out that the real test of Suo Li is not a short-term financial problem, but a long-term question involving the upgrading of the company's industry.